Cotton price action is up 120 to 163 points on Monday morning. Futures posted Friday gains of as little as 7 points in some deferreds, with front months up as much as 74 points. May was up 165 points on the week.. Crude oil was up $3.57 to $99.30, with the US dollar index up $0.776 to $100.530.
CFTC data from Friday afternoon showed a total of 6,183 contracts cut from the managed money net short position in cotton futures and options. They took that net short to 66,754 contracts in the week ending on March 10.
Export Sales data has total cotton export commitments at 9.157 million RB, which is down 10% from last year. That is 81% of USDA’s forecast and lags the 94% average pace from the last 5 years. Shipments at 5.029 million RB are 4% below a year ago and 45% of the USDA export estimate, behind the 50% average shipping pace.
The Cotlook A Index was down 5 points on Thursday at 75.70 cents. The Seam showed sales on 4,202 bales on March 12, averaging 56.13 cents/lb. ICE certified cotton stocks were down 2,728 bales on 3/12 via decertification, with the certified stocks level at 116,789 bales. The Adjusted World Price was back up just 6 points on Thursday to 51.50 cents/lb.
May 26 Cotton closed at 65.85, up 71 points, currently up 163 points
Jul 26 Cotton closed at 67.89, up 74 points, currently up 145 points
Oct 26 Cotton closed at 69.61, up 60 points, currently up 125 points
